QUESTION TWO

a. Explain the Accrual and Going Concern concepts.

b. Identify FOUR users of financial statements and explain their information needs.

c. Explain the following;

i) Issued Shares

ii) Redeemable Preference Shares

iii) Ordinary Shares

iv) Right Issue

d. Identify and describe TWO source documents used in recording business transaction in the books of accounts or ledgers.